Dollars From Sense

– Save Money, Live Your Ultimate Life

Selling Online: How to Decide on Your First Product

There is no doubt that the decision to start an online business is an extremely exciting one. However, once you have recovered from your initial rush, the reality sets in and you will start to appreciate what a huge task that you are undertaking.

First and foremost, you will have to set up your site or app – check out Kocomojo as a potential option. One of your greatest challenges will be working out exactly what you want to start selling in the first place. This is certainly tough and you may well be overcome by the feeling that everything has been done before. Not only this, you are up against so much competition these days. But don’t be fooled into thinking that there are no opportunities for you. Here are just a few of the ideas and strategies that you can use to begin generating product ideas.

Seek Guidance from the Keywords

As you will already be well aware, organic traffic is one of the biggest marketing avenues that is open to you. When you are searching for keyword opportunities, you need to look closer at the specific search queries that people are using, the volume of searches and the amount of competition that you will face. You need to have a decent understanding of keyword research and SEO if you are going to use this strategy effectively. Target the right keywords and you have a better chance of reaching the top of the rankings in your field.

Build Up Your Brand

Taking a different approach, you could instead focus on the branding opportunities that are out there. Before you can build a strong brand, you need to have the best understanding of your customers possible. This way, you will be able to target them more specifically and design your communications to suit them. You will also be able to pick products based on the things that they are most interested in buying.

Identify a Pain Point

A pain point doesn’t necessarily have to refer to something physical, but rather a source of frustration or irritation for your customers. People are always looking for ways to make their lives that little bit easier, and that is exactly what you need to be providing them with. Once you have decided on a target market, you can start speaking to them directly and finding out the things which would be useful to them.

Determine Customer Passions

As an alternative to working out a customer pain point, you could instead think about what their passions are. When consumers have a high level of interest and enthusiasm for something, they are much more likely to spend money on it. And the thing about passions is that they can be very specific, and you are better off trying to get a big share of a small market rather than making your approach too general and barely scratching the surface of a big market.

Go with Your Own Interests

‘Stick to what you know’ is a piece of advice which is commonly given to business people getting started in the world of commerce, and it is something that still continues to ring true. There is no doubt that building an ecommerce business is not the easiest thing in the world and you are inevitably going to face some obstacles along the way. What often carries you through and keeps you working hard when times get tough is passion. For some, the enthusiasm generated from simply building a business on its own is enough, but for others, they need to have specific interests in the niche. When you start a business doing what you know, you also have the extra advantage of not starting completely from scratch as you already have that all-important knowledge.

Search for the Opportunity Gap

Finding an opportunity gap involves looking closer at a particular product, niche or industry and identifying a specific problem or issue that can be improved. Essentially, you need to think what you can do better than everyone else. Perhaps you can improve a specific product feature, zero in on a previously untapped market or offer something entirely new. Again, finding this gap in the market will require careful interrogation of your customers to work out exactly what they are looking for.

Consider Your Own Experience

Everyone has built up specific experiences during their lifetime, so which are the ones which could specifically help you start your ecommerce business? Maybe you have worked in an industry and you know it like the back of your hand. Or you have a skill or talent which you have been working on throughout your life. You could simply be very knowledgeable about a specific area. Whatever the case, you need to think about how this experience could help you get a head start on the competition.

Capitalise on Trends as Early as You Can

There is nothing better in business than getting in on the ground floor of a trend that is suddenly exploding in popularity. Jumping on a trend early can also give you a great head start when it comes to grabbing the best search engine rankings. If you are heavily involved in a specific industry then you are much more likely to be able to spot the trends early. Otherwise, you could simply research the latest crazes and try to think of ways to get your foot in the door.

Bear in mind that choosing the right trend for your business can be central in your success or failure as an online business. So, it is not one to be taken lightly as it could play a big role in your future business direction. Remember, you shouldn’t be afraid to look at the smaller categories or niches as you are likely to have fewer competitors this way. Hopefully, the points above have started your imagination working and you feel more ready to start selling products.